328 W 8th Street

    Long Beach, CA 90813
    • $1,620,000
    • STATUS: Active
    • ON SITE: 32 days
    • ID#: RS18268001
    UPDATED: 41 min ago
    $1,620,000
    • 0
      BEDS
    • 0.06
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 3,714
      SQFT
    • $436
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1923
    County:

    School Ratings & Info

    Description

    Two-story complex comprised of 8 spacious open concept studio units located in vibrant Downtown Long Beach. Originally built in 1923, the property has undergone significant interior and exterior renovations over the past two years. 4 of the 8 units have undergone massive interior remodeling and are achieving market rents of $1495, while the other 4 were remodeled with light remodel packages and are renting for $1295, leaving additional upside for a new investor to increase the remaining 4 units to market. The building is also master metered for electricity (ind. metered for gas), so there is additional upside by installing individual electric meters, or implementing a RUBS tenant reimbursement program for utilities. 6.06% Cap Rate at leveled rents and implementing a RUBS program.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-12-10T18:30:19.243. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.impactca.com/homes/89223803

    328 W 8th Street Long Beach, CA 90813

    • Price: $1,620,000
    • Status: Active
    • Updated: 41 min ago
    • ID#: RS18268001
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.06
    Acres
    3,714
    SQFT
    $436
    $/SQFT
    1923
    Built
    Neighborhood:
    Willmore District (Wm)
    County:
    Los Angeles
    Area:
    4 - Downtown Area, Alamitos Beach
    Property Description
    Two-story complex comprised of 8 spacious open concept studio units located in vibrant Downtown Long Beach. Originally built in 1923, the property has undergone significant interior and exterior renovations over the past two years. 4 of the 8 units have undergone massive interior remodeling and are achieving market rents of $1495, while the other 4 were remodeled with light remodel packages and are renting for $1295, leaving additional upside for a new investor to increase the remaining 4 units to market. The building is also master metered for electricity (ind. metered for gas), so there is additional upside by installing individual electric meters, or implementing a RUBS tenant reimbursement program for utilities. 6.06% Cap Rate at leveled rents and implementing a RUBS program.
    Exterior Features

    Garage Spaces 0.00 Lot Features Level With StreetLot-Level/FlatNear Public Transit Lot Size Source Assessor Lot Size Units Square Feet Parking Total 0.00 Pool Features None Pool Private YN No Property Attached YN No

    Interior Features

    Average Studio Area 465 Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls No Common Walls Laundry Features InsideStackable

    Property Features

    Additional Parcels YN No Building Area Units Square Feet Cap Rate 5.21 Community Features SidewalksStorm DrainsStreet LightingUrban Country Us Electric Expense 4464.00 Elevation Units Feet Fuel Expense 0.00 Gross Income 133920.00 Gross Multiplier 12.10 Gross Operating Income 129902.00 Gross Scheduled Income 133920.00 Insurance Expense 2000.00 Land Lease YN No Laundry YN Yes Maintenance Expense 4400.00 Net Operating Income 84458.00 New Construction YN No New Taxes Expense 20838.00 Number Of Separate Electric Meters 1 Number Of Separate Gas Meters 8 Number Of Separate Water Meters 1 Operating Expense 45445.00 Operating Expense Percent 35.00 Other Expense 2000.00 Other Expense Description Reserves Pest Control Expense 600.00 Professional Management Expense 6495.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Subdivision Name Other Willmore District (Wm) Tax Rate 1.22 Tenant Pays Gas Total Expenses 45445.00 Trash Expense 0.00 Vacancy Allowance 4018 Vacancy Allowance Rate 3.00 Water Sewer Expense 4048.00 Water Source Public Year Built Source Assessor Zoning Lbpd10

    Listing provided courtesy of Andrew Mcallister of Nationwide Real Estate Execs.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-12-10T18:30:19.243. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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